Updated over 9 years ago on . Most recent reply
LLC question
I Am looking to invest in property that will not be my primary home. I know an LLC is the safe way to go. My question is, should an Attorney be sought to create the LLC?. I saw an Attorney and if I move forward the cost is about 5,000. I have other people who said there is no need and that I should be able to do it myself for about 1,000.00
Thoughts? Advise? Opinions?
Thank you
C.J
Most Popular Reply
Sorry, did not include this as well. You didn't say what type of real estate you wanted to do.
An LLC should be used as a buy and hold.
An LLC with an "S corp" election should be used for wholesaling and rehabbing homes.
"S corp" election from an LLC is a LOT less paperwork... literally only adds one paper to your normal LLC that get sent to the IRS.
Contact a CPA for specifics and advice. Most states don't require a lawyer for any of this... Just some one with google and an intuitive mind ;)
Best of luck,
Brian.